KUALA LUMPUR: Hibiscus Petroleum Bhd
, which posted another stellar set of earnings in its recent quarter, says it is focused on improving operational efficiency, growth and sustainability in both its Malaysian and UK markets while maximising value for shareholders.
In the second quarter ended Dec 31, 2022, the oil and gas exploration and production group recorded a net profit of RM70.47mil, representing earnings per share of 3.5 sen, as compared with a net profit of RM48.49mil, or earnings per share of 2.42 sen, in the previous corresponding quarter.
The group reported revenue of RM713.13mil, a 150% increase over revenue of RM284.4mil in the comparative quarter.
Hibiscus Petroleum declared a first interim dividend of 0.75 sen a share, going ex on March 17, 2023, and payable on April 18, 2023.
In its guidance to shareholders, the group said, subject to its dividend policy, it is targeting a minimum total dividend payout of 2.5 sen per share over the course of FY23.
Managing director Kenneth Pereira said in a statement that the group's considerable growth in the second quarter can be attributed to better performance from the Peninsula Hibiscus Group assets and the Anasuria Cluster.
He said this was despite the one-off negative adjustment from the energy profits levy regime in the UK.
"While our financial performance in this quarter has benefited from robust oil and gas prices, our operational performance is testament to our effective management of our assets.
"This strong level of operational performance as reflected in our high uptime figures, has resulted in our Group achieving the highest average quarterly production volume to date," he said.
